i just discovered your posts and have found them very informative. don't you think given Friday's close and the persistent bullish RSI that the short thesis should b reevaluated for it's timing? I agree it may turn out to be a short after the market settles down and the defensive nature of the run up in utilities and consumer staples begins to ease.
jangseohee
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Good day Shane, thank you very much for your comment, i appreciated it alot :-)
I am still a green horn (1 year experience) in technical analysis, having found such a tremendous sharing site just 3 months ago.
Gartley ABCD pattern, harmonic pattern, fibonacci % are something i don't know how to use as it too complicated to me.
Moving averages, trendline, trend channel, S/R + RSI, MACD for divergence from price would be enough for my trading decision, which is most probably you find it informative to follow?
Due to the fact that my trading philosophy is quite unorthodox (against the trend), which is why i always ask "How much am i prepared to lose (PAIN) 1st before it's over".
Yes, i shorted @44 using put options on 8th Oct. Then on 9th Oct it closed at 43.85. As of Friday close while almost all indices got battered, KO performed against all odd and closed at 44.47. Did i expect the price to shoot over 44? Within my expectation. Can the price go higher, sure of course!
I also agree with you that RSI & MACD both are moving up and worst, earning report comes on 21 Oct. If it beats the analyst expectation, the price will gap up and i would be RUN OVER by the bulls then :-)
So how much can i stomach before i finally call it quit? i have 3 shorts level for ALL-TIME-High stock.
for KO, its 44, 45, 46. The run over price for me is 47 and Warren will laugh til he falls out of his chair for going against him :-). 1st target around 40-41. Very different from textbook ain't it.
The link: tradingview.com/v/pZlVu4fK/ is the basis on MY trading decision/responsibility.
jangseohee
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Price flied away from 8EMA..
its like a lonely 15-yrs old boy found a Playboy magazine, a transient excitement, you know what i mean :-)
I am prepared to lose abit first.
timwest
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Interesting description - I can relate to that! KO has lagged for a long, long time here (a couple of years), so I view it as just getting going...
jangseohee
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Yes, KO is a fundamentally sound stock or else Warren wont have his big portion in it.
It will definitely go higher than current price in 2015-2016.
After monitoring and learning for almost a year in TA, this thing called "Trend Channel" works pretty well for me 60% of the time.
The last historical high 44.47 in Jun 1998 still have some effect